Source: Adam Shell / USA Today
NEW YORK — The Dow Jones industrial average has fallen more than 200 points as investors react to a weak outlook from retail giant Wal-Mart and a spike in the yield on the 10-year Treasury note to a fresh two-year high.
A day after the Dow Jones industrial average tumbled 113 points, its first triple-digit loss since June 28, the Dow was off another 1.5%, or about 224 points, as of about 1:30 p.m. ET. It was hurt by weakness in two key components: Wal-Mart and networker Cisco Systems.
The Dow is on track for its first back-to-back triple-digit drop since June19-20, when it tumbled nearly 560 points. That swoon was sparked by the Federal Reserve, which said after its June meeting that it would start dialing down its market-friendly bond-buying program later this year if the economy and jobs market continue to improve.
Before the opening bell, Wal-Mart reported earnings below expectations, and reported same-store sales slipped 0.3%, below the 1% gain analysts expected. The retailer also lowered its earnings and sales projections for the rest of 2013. Wal-Mart shares were down 2.4% in early trading.
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